Black Diamond Realty Online Real Estate Auctions Frequently Asked Questions
We recommend that you register as soon as possible. This allows you enough time to submit your Bank Approval Letter and to become more familiar with the online auction process. Registering early will ensure a smoother process when the auction begins.
You can register for our online auctions by visiting http://auctions.blackdiamondrealty.net. If you have not created an account, you must do so before you can register. If you have already created an account, you must login. Your single login will work for all auctions, but you must register for each auction. Once you are logged in to your account, click on the “Auctions” tab and select the auction in which you are interested. Click the red “Register To Bid” button and simply follow the instructions to complete your registration. After you have registered, submitted a Bank Approval Letter, and been approved to bid by Black Diamond Realty, you will be notified of your approval by email. After you have received this notification, you will be able to place a bid when the auction begins.
A Bank Approval Letter is required as part of the registering process. All letters should be submitted to Black Diamond Realty prior to the auction beginning. All letters should be emailed to firstname.lastname@example.org before the auction begins. Although emailing is preferred, approval letters may also be hand delivered or mailed to Black Diamond Realty LLC, 1399 Stewartstown Road, Suite 300, Morgantown, WV 26505.
Yes. Although we encourage you to submit your Bank Approval letter prior to the auction beginning, we will accept letter after the auction has begun. If you are submitting an approval letter after the start of the auction, we encourage you to call Black Diamond Realty at 304.413.4350 after your letter has been submitted so we can expedite the approval process allowing you the opportunity to bid.
In addition to the bidder or its agent registering as a bidder, brokers representing bidders should submit a Broker Registration form which can be found under the Documents tab in the auction description. This must be filled out and returned to Black Dimond Realty before the auction begins.
You are under no obligation to bid once you register. Registering for the auction gives you the option to bid, but nothing else.
We require a credit card to be on file as part of our authorization process. Your credit card will not be charged unless you are the winning bidder upon completion of an auction or a deposit is required for a specific auction in which you will be notified in advance. All charges are processed manually by Black Diamond Realty.
Bidding on a Black Diamond Realty online auction will BEGIN at the time clearly stated on the property information page for that particular auction.
Bidding on a Black Diamond Realty online auction will END at the time clearly stated on the property information page for that particular auction. All auctions will have a set date and time for which they will come to an end. In the event a winning bid is placed within the final 10 minutes of the auction completing, the end time will reset for an additional 10 minutes to allow other bidders a chance to place a higher bid. Each additional bid will continue to reset the timer 10 additional minutes. If no further bidding activity occurs, the auction will close when the time runs out. To better understand when the auction will end, pay close attention to the countdown timer on the property page. This will be in red text beside “Timed Auction.”
All property information can be found on the property page under “Description.” If you have registered to bid, you can also access a detailed marketing flyer under the “Documents” tab. You will be required to agree to an NDA in order to view these and other documents relating to the property. If you have further questions about a property, please contact an associate at Black Diamond Realty by calling 304.413.4350 or email email@example.com.
Some properties will have on-site inspections scheduled with posted dates/time; others will be by appointment. Inspection dates/time will be posted on the auction page under the auction description.
You can bid whenever you choose during the duration of the auction. However, we recommend that you not wait until the last minute to bid, in order to make sure that you do not miss an opportunity to bid should there be any technical or other issues that might arise. There is no advantage to waiting until the very last moment, as all Black Dimond Realty online auctions feature an extended bidding time in the event a winning bid is placed within the final 10 minutes of an auction. See “When will the auction end?” for more information on our extended bidding policy.
At any point during an online auction, a bidder can place their “Max” bid ensuring them the winning bid up to the highest dollar amount they desire to pay. If the auction ends before the max bid is reached, the winning bidder is ONLY required to pay the “current” bid. This is beneficial to bidders who want to ensure the winning bid without having to continuously place bids manually when outbid by other bidders.
For example, assume the current bid is $1,200,000 and bid increments from $1,000,000 – $2,000,000 are $5,000. Bidder A wants to ensure the winning bid, but only wants to pay a maximum amount of $1,500,000. Bidder A places a max bid of $1,500,000, but their current bid remains at 1,205,000 ($5,000 above the current bid). Bidder B places a bid of $1,210,000, but is immediately “Outbid” by Bidder A’s max bid. Bidder B continues to bid and places a new higher bid of $1,350,000, but is still oubid by Bidder A. If Bidder B or no other bidders place any further bids by the time the auction closes, then Bidder A would be the winning at $1,355,000 ($5,000 above the last placed bid).
Soon after the auction ends, an associate with Black Diamond Realty will reach out to you, typically within 24 hours. Our associate will provide you with instructions on collecting your deposit, completing necessary paperwork, scheduling the closing, and other post auction details.
All auctions with this terminology mean Black Diamond Realty will sell to the highest bidder during the online auction event, regardless of price. There is no minimum price.
Unless otherwise stated, all auctions are sold AS IS, meaning the property is being auctioned in its current condition and any buyer is accepting it “with all faults” and without contingencies or express or implied warranties.
A buyer’s premium is a transaction fee charged to a winning auction buyer, in addition to the ultimate winning auction price. It is compensation for the costs and operation of the auction. The amount of the buyer’s premium will be listed within the auction description.
Closing (i.e., final transfer and funding) will typically occur with 30-60 days or less after the auction ends.
An earnest money deposit is a good-faith sum made by a buyer to be held in an escrow or trust account, indicating that the buyer is serious. Some auctions may require the deposit be collected before bids are placed, while other auctions may only require a deposit from a winning bidder. In each instance, the deposit is fully refundable, unless the maker of the deposit is the winning bidder. The deposit is made in consideration of the seller recognizing the winning bidder through the agreed-upon closing procedures.
Black Diamond Realty online auctions offer a free mobile app for both Apple and Android users. Our app can be downloaded at any time and used to place bids and manage your account from just about anywhere.
Traditional = Our traditional proactive teamwork offering approach, whereby we assist sellers meet their goals with commercial properties.
Auction Only = Take your property straight to auction with our rapid, advanced, customized, and effective platform. Set a confidential reserve or minimum price to ensure satisfaction, if you desire.
Hybrid = Let us put our expertise, knowledge of the market, network of contacts, and experience to work for a period of time (e.g., 6-12 months) and, if a transaction is not consummated, roll the property directly into an online auction. When that time comes, Black Diamond will have in-depth knowledge of the property, a close professional relationship with you, top-notch marketing materials, and an extensive database of broker and buyer contacts. Traditional and expanded marketing efforts will likely result in a more diverse buyer pool.
Yes. Call Black Diamond Realty to schedule. Consultations will be held at the Black Diamond Realty office and allow you to speak to an associate directly about the auction process/setup.
If at any point in the auction process you have a question, please call the Black Diamond Realty office at 304.413.4350 or send us an email at firstname.lastname@example.org. Our dedicated team will be happy to help you with any questions you might have.